Biden, Modi bilateral expected to take forward deals on GE jet engine, civil nuke tech
G20 summit: US President Joe Biden and Prime Minister Narendra Modi are expected to make meaningful advancements on the GE jet engine deal and civil nuclear technology during their bilateral talks.
G20 summit: US President Joe Biden and Prime Minister Narendra Modi are expected to make meaningful advancements on the GE jet engine deal and civil nuclear technology during their bilateral talks, National Security Advisor Jake Sullivan was cited in a Reuters report. Earlier this year, US General Electric (US GE) announced that it had inked an agreement with Hindustan Aeronautics Limited (HAL), the government's aerospace and defence manufacturing firm, to jointly manufacture engines in India to power fighter jets for the Indian Air Force.
Biden departed from Andrew's air base on Thursday for the 18th G20 Summit to be held at the state-of-the-art Bharat Mandapam Convention Centre at Pragati Maidan in New Delhi.
Before boarding the flight for India, Biden posted on his social media account X, "I'm headed to the G20 – the premier forum for international economic cooperation – focused on making progress on Americans' priorities, delivering for developing nations, and showing our commitment to the G20 as a forum that can deliver." US-based company GE opened its gates for the transfer of technology to India for the indigenous manufacture of jet engines in April this year.
The agreement includes the potential joint production of GE Aerospace's F414 engines in India. The effort is part of the Indian Air Force's Light Combat Aircraft Mk2 program. The agreement will advance GE Aerospace's earlier commitment to build 99 engines for the Indian Air Force as part of the LCA Mk2 program. In addition, GE will continue to collaborate with Indian government on the AMCA Mk2 engine program.
On the commercial side, Air India had also announced the biggest-ever purchase by an Indian airline of aircraft, including 400 single-aisle and 70 twin-aisle planes powered by engines built by GE and CFM International, a 50-50 joint company between GE and Safran Aircraft Engines. The blockbuster deal, ranking near the top of all deals worldwide, signalled the recovery of commercial aviation after years of Covid shutdown.
GE had also announced agreements that deepen the company's investment in India's military. HAL continues to assemble the GE F404 family of engines that have powered each generation of the Tejas, the light combat aircraft (LCA) that evolved from that project.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
03:44 PM IST